Who Is Michael B. Jorda
Michael B. Jorda is the president and chief executive officer of the Federal Reserve Bank of San Francisco, a position he has held since 2024. He leads the twelfth Federal Reserve district, which covers the western United States and includes California, Washington, Oregon, Nevada, Arizona, Utah, Idaho, Montana, Wyoming, and Alaska. Jorda succeeded Mary C. Daly, who moved to a senior policy role, and now represents the San Francisco Fed in the Federal Open Market Committee process. His appointment reflects a focus on data-driven monetary policy, banking supervision, and regional economic research across the district.
Before leading the San Francisco Fed, Jorda served as senior vice president and director of the Division of Monetary Affairs at the Federal Reserve Board in Washington, D.C. He joined the Federal Reserve System in 2000 and held roles in bank supervision, financial stability analysis, and international monetary affairs. He holds a Ph.D. in economics from Stanford University and has published research on banking, financial crises, and monetary policy transmission. His career combines academic economics with hands-on experience in both central banking and supervisory functions.
Michael B. Jorda Leadership and Policy Focus
Monetary Policy and Regional Economic Analysis
As San Francisco Fed president, Jorda contributes to setting U.S. monetary policy through participation in the Federal Open Market Committee and advisory councils. He emphasizes the use of high-frequency regional data to understand labor markets, inflation, and financial conditions across the western United States. The San Francisco Fed produces research on housing, inequality, and regional business cycles that informs both district policy and national discussions. Jorda has highlighted the importance of balancing price stability with maximum employment in a changing economy.
Under Jorda's leadership, the San Francisco Fed continues to publish economic research, host public events, and engage with businesses, universities, and policymakers across its district. The bank's research division regularly releases working papers on topics such as digital payments, climate-related financial risk, and banking regulation. Jorda has also stressed the role of clear communication from the Federal Reserve in guiding market expectations and supporting economic stability. The district's research and outreach efforts aim to provide policymakers with practical insights grounded in real economic conditions.
Michael B. Jorda Background and Career Path
Education and Early Career
Jorda earned his doctorate in economics from Stanford University, where he focused on macroeconomics and financial economics. Before joining the Federal Reserve System, he worked on economic research and analysis related to financial institutions and monetary policy. His academic training and early career experiences shaped a practical approach to central banking that blends rigorous research with supervisory and policy responsibilities.
Within the Federal Reserve, Jorda advanced through roles in bank supervision, financial stability, and international affairs. He served in the Division of Monetary Affairs, where he helped analyze financial market developments and support policy formulation. His work has included collaboration with other Federal Reserve banks, the Board of Governors, and international central banks on issues such as cross-border banking and systemic risk monitoring.
Current Role and Public Engagement
In his current role, Jorda represents the San Francisco Fed in national policy discussions and regional stakeholder engagements. He regularly speaks at conferences, universities, and industry events on topics including monetary policy, banking supervision, and regional economic trends. The San Francisco Fed's public-facing work under Jorda includes research publications, community development initiatives, and educational outreach programs.
Jorda's leadership aligns with the Federal Reserve's broader mandate to promote a stable financial system and support the U.S. economy. His background in both research and supervision positions him to address challenges such as financial technology regulation, cybersecurity risk, and evolving banking practices. The San Francisco Fed continues to serve as a key source of economic data and policy analysis for the western United States under his direction